Understanding Ladybird Deeds
When considering strategies to help your elderly parents or grandparents receive Medicaid services for long-term care, it is important to remember that Texas has specific laws to help Medicaid recipients who face the loss of their homes.
Texas is one of only five states that recognize ladybird deeds for Medicaid planning purposes.
Eliminating assets from the estate of an elderly or infirm person is a common strategy to help families preserve assets while ensuring nursing home or long-term care is available through the federal Medicaid program. Under current Medicaid laws administered by the state of Texas, the state is allowed to look back five years to determine whether the recipient distributed or eliminated assets as a purposeful way to reduce financial assets on paper. Unfortunately, this often meant also selling the house and moving the elderly person to a relative’s home or nursing home. Several years ago, Texas adopted a law referred to as the ladybird deed, which allows the Medicaid recipient to grant the residential property to heirs, but retain the right to live in the home until death or medical needs require a move to a long-term care facility.
What Are The Benefits Of A Ladybird Deed?
Many people don’t realize that Medicaid will pay for services while the recipient is alive but upon death, the state of Texas will go after the estate for any money that can be recovered. A ladybird deed is an excellent vehicle to help your family avoid getting the house reclaimed in the state’s estate recovery program. Your loved one gets the peace of mind of living in his or her own home, while you keep the house in your family.
If a ladybird deed sounds right for your elderly or infirm loved one, Livens & Reed, PLLC is ready to help. For more than 25 years, families throughout North Texas have been turning to us for Medicaid planning and asset preservation strategies. With two offices to serve them better, our attorneys and staff provide comprehensive estate preservation, asset protection and Medicaid planning services for clients in the Dallas-Fort Worth Metroplex area and communities throughout North Texas. Call us or contact our offices by email to arrange a free initial consultation with an experienced Dallas ladybird deed lawyer today.
Lawyer Providing Ladybird Life Estate Options
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From wherever you are in North Texas, call us toll-free at 800-569-2663 to discuss your circumstances. You may also use our convenient contact email form to arrange a free initial consultation at one of our two convenient office locations in Bedford and Addison. Se Habla Español.